Customers from some of the biggest banks across the country are being urged to ask fast to bag themself a free £190 and an extra £120 in vouchers with one simple job that will take just a few minutes. In the cost-of-living crisis, it seems every penny is being squeezed to the max, so when one bank is offering you free cash to make a switch, it can be a tempting deal.
But that’s exactly what TSB are doing with their Spend and Save accounts as it tries to sway millions of users over to the accounts from their key rivals. Unlike many banking rewards, the Spend and Save accounts don’t involve credit, yearly fees or anything like that – it’s simply switching your current account over. For anyone wanting to make the most of the offer, they may have to act fast, as although creating an account and switching over can be relatively simple, to access the cash, there are a few more steps you have to take.
To receive the first lump sum of £100, all new customers have to do is log into the TSB mobile app and then use the card for five separate purchases before September 22.
Then, as long as you’ve tapped your TSB card 20 times each month, you’ll receive a handy £15 straight into your account for the next six months.
But that’s not all, if you keep using your card for everyday use and meet the 20 taps a month, you’ll be rewarded with an extra £120 in hotel vouchers courtesy of the partner at Travel Credits, Birmingham Live reports.
The Money Saving Expert (MSE), Martin Lewis’ consumer group, has been posting about the deal and telling anyone who may be interested to act quickly to make the most before the deadline, which is a little over two weeks away.
Writing on the MSE website, the group said: “Newbies switching to the TSB Spend & Save current account get: A) A free £100 provided you log in to the app and use its debit card five times by Sep 22 – hence why speedy switching is crucial.
“Just buy five separate bananas if it’s a rush. B) And a free £15/month for 6 months provided you use its debit card 20 times a month (not an issue for most, think of all those contactless pings).
“C) Plus £120 hotel credit (to use at an Expedia sister-site) if you use its debit card 20 times during Feb 2026 – its way of encouraging you to keep the account until then.”
Switching rewards seem to have become big business for banks, and can be lucrative for savvy customers. Certain people have been known to make £ 1000s by constantly switching and maximising their rewards, but it should be known that most banks will only pay you a signing-on reward once.
